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Tips for First-Time Landlords
When market conditions are right, renting out your condo or house can be very profitable -- But to maximize your investment, and save yourself frustration and legal headaches, you must understand some landlord basics.
Price. The first thing you’ll probably wonder about is setting a price for your apartment. Start by looking in the apartment rental section of your local newspaper or check out local real estate agents’ websites. Look at properties similar to yours and use their prices as a reference point. If possible, go see the property yourself to make sure that the two are truly comparable.
Laws. Next, get to know the tenant/landlord laws for your area. These usually vary by state and so you’ll need to get to know those that apply to Washington DC, Maryland or Virginia. Learning about what you and your tenants are allowed and not allowed to do will help answer questions such as “What happens if a tenant fails to pay rent?” or “Can I enter a tenant’s unit without permission?”
Lease. If using your own, customized lease agreement instead of a standard one, make sure the lease includes these key components: rental price, security deposit amount, lease start and end dates, and which utilities--if any--are included. Think carefully about the wording of each item in the lease so that there is no room for misunderstandings and disputes later on.
Move-in. Once the lease is signed, your work isn’t finished. On tenants’ move-in days, make sure that property staff is available to open doors and address any questions or concerns (about storage space, how late in the day moving can continue, etc.) that may arise.
Maintenance. Finally, you need to regularly inspect your rental property to make sure that its condition adheres to health and safety codes. Remember that major repairs can be very expensive. You can reduce your maintenance-related expenses by making repairs as soon as you detect damage, which should still be in its early stages if you get in the habit of regular inspections.
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